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The U.S. prime rate is in principle the interest rate at which a supermajority (3/4ths) of American banking institutions grant loans to their most creditworthy corporate clients. [1] As such, it serves as the de facto floor for private-sector lending, and is the baseline from which common "consumer" interest rates are set (e.g. credit card rates).
The current prime rate is 5.50%, up from 4.75% in June. It went into effect July 28, 2022. This is the fourth time in 2022 that the Federal Reserve has increased the prime rate.
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The prime rate varies little among banks and adjustments are generally made by banks at the same time, although this does not happen frequently. As of 26 December 2023 the prime rate was 8.50% in the United States [2] and 7.20% in Canada. [3]
Well, most credit cards offer what is called a variable APR — that is, an annual rate of interest that varies over time as the prime rate changes. If the prime rate goes up, your credit card ...
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See the Wikimedia Commons discussion page for the gnuplot script and data used to generate the graph. Date: 12 January 2023 ... Click on a date/time to view the file ...
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